insurance are combined, at least under a common holding company. There is little guidance on how such financial conglomerates should be overseen or regulated beyond general requirements to separate certain

acts as the oversight body, is overseen by an independent body. Such an auditor oversight body must operate in the public interest, and have an appropriate membership, an adequate charter of

DODD-FRANK ACT • Financial crisis revealed behemoth players in financial industry were not overseen by any regulatory authority • Dodd-Frank mandated additional SEC oversight on PE and HF firms JUNE 22

caused by such differences. Clause 18 mutual funds and trusts shall rotate an auditor by complying with the rules prescribed in Paragraph 2, in the occurrence that the auditor has performed his/her duties

or insurance business. This collects assets and manages them on behalf of beneficiaries or clients; its obligation is to preserve and enhance value on their behalf. It is usually overseen by some form

issuers shall explain at least the causes and key factors that make the difference, including the effect thereof. Clause 23 The listed company shall rotate an auditor by complying with the rules prescribed

unitary board is overseen by an internal auditor’s body, the principles applicable to the board are also, mutatis mutandis, applicable. As the definition of the term “key executive” may vary among

standards should be overseen by bodies independent of the pro- fession. Recommendations:  Asian Roundtable economies should work towards convergence with high quality internationally recognised standards and

audit firms do not rotate auditors as required by the firm’s policy. 2. The policies and procedures regarding the declaration of financial interest and employment with other entities The audit firms set

has been overseen by Credit Risk Management Sub-committee and Credit Process Management Sub-committee to ensure efficiency and effectiveness in all relevant processes, thus allowing KBank to deliver a